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news.Kythera Biopharmaceuticals has announced a $40 million C round financing led by new investor Jafco. Other new investors include BBT Capital Management/Apothecary Capital and PFM.
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This tranched financing has an immediate draw of $30 million with an additional $10 million available in the first-half of 2009. Concurrent with the financing, Hironori Hozoji, investment officer, Jafco Life Science Investment, will be joining Kythera’s board of directors.
Kythera will use the proceeds of this financing to complete Phase II trials for its lead product ATX-101. Kythera has US INDs open to study ATX-101 in both aesthetic and medical indications and has three Phase II studies ongoing to evaluate the product’s safety and effectiveness for the reduction of unwanted submental fat and the reduction of subcutaneous lipomas. Initial studies have shown ATX-101 to be safe and well tolerated.
Kythera also will use the funds to advance ATX-104, a novel dermal contouring agent, and ATX-202, a pigment modulation compound, into clinical trials. The company plans to commercialize its products in the US and seek strategic partnerships in certain ex-US markets for its later stage clinical products.